The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Central Bank of Nigeria (CBN) to suspend its recent increase in Automated Teller Machine (ATM) transaction fees.
The advocacy group insists that the new charges should be put on hold pending the resolution of an ongoing lawsuit challenging their legality.
In an open letter dated March 1, 2025, and signed by its deputy director, Kolawole Oluwadare, SERAP said that allowing the CBN to proceed with the hike while the matter is in court would undermine the judicial process and the rule of law.
The organisation said, “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”
“It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.
“Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.”
“The CBN is bound to suspend the increase in ATM transaction fees, and await the outcome of the lawsuit.”
The organization urged Tinubu to seek legal counsel from the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, to determine whether the CBN is legally obligated to suspend the implementation until the court delivers a verdict.
(Guardian)
